We are in the era of the mobile revolution, where everybody has easy access to the tremendous power of mobility and other gadgets that are already connecting the world. Worldwide, modern mobile technology has become the primary engine of economic growth, boosting massive private sector spending in both R&D and also facilities, and exceptionally changing day-to-day lives almost everywhere.
Even though many Indians hold more than single mobile nowadays, the majority of Retail business is still out of reach of these technologies. A normal retail business owner strives to grow his business daily. Still, are business owners using the true power of technology to accelerate their business growth? We can see users flaunting their latest models of mobile equipment everywhere, but most of them are not leveraging the power of the mobile revolution and the latest technologies in their business.
Currently, retailers have a golden chance to adopt technology into their businesses and make better use of the revolution. As the advancement of technology spreads its wings across the globe, it will be more progressive in the upcoming days when 5G will be introduced.
Although there can be multiple ways to adapt mobility into a retail business, we hereby explore five major areas in a retail business that can be automated using mobile technology for the benefit of retail business growth and a better customer experience.
An mPOS (mobile point-of-sale) is a smartphone, tablet computer, or dedicated cordless tool that carries out the features of a cash register or digital point-of-sale terminal (POS terminal) wirelessly.
To implement an mPOS, your retail store will need an internet connection, a credit, and debit card reader, and an application downloaded and installed for whatever tool you wish to utilize for the transactions. An mPOS can also be paired with additional POS hardware like a barcode scanner or a cash drawer.
Make use of a mobile POS to engage as well as convert clients from throughout the store instead of being physically lined up in front of the cash register.
Allow your consumers to pay just how they want, with various mobile payment choices from the world's leading merchant providers. Many POS apps are already there in the App stores that can help retailers to start making electronic invoices using mobile devices. These Apps can send an instant message to the customer with the link of the invoice in electronic form and can maintain the sales and stock information of the store.
Be familiar with your finest consumers and thank them with an integrated loyalty program. Capture customers' information right away, right on your iPad.
The Internet of Things (IoT) is driving business onward at the speed of light. The retail companies which introduce technology-wise systems to drive down costs and raise profits will gain a competitive advantage - specifically in retail and also production.
The latest Android-based mobile barcode scanners can be used by consumers and retail partners to check and pay for products without waiting in traditional time-killing checkout lines.
New devices additionally support the transition of location data with the help of fluorescent lights to produce indoor setting systems.
It gives stores with information about a client's in-store place while providing special deals and other aid.
Mobile apps can take the place of barcode scanners, where users can scan barcodes using their mobile devices to record and maintain the inventory as well as make e-invoices for the products.
More than 70% of evaluated consumers said the checkout experience is their greatest discomfort factor. Lengthy lines and prolonged delay times at checkout are major factors that some consumers have counted on online shopping. Self-Checkout in retail is a straightforward principle. It directs to pay without the support of a cashier. It is now possible to equip every retail staff member with the power to check out customers anywhere in your retail store. Mobile software can transform mobile phones and tablet computers right into a POS, which implies there is no requirement for a fixed checkout area. Stores can use their customers to check out and pay using the mobile apps in the customer’s mobile where the customer itself checks items in their retail store, pay to utilize net banking or mobile-enabled wallets, and proceed to a self-checkout.
Every retail business, regardless of its dimension or market, is in charge of its audit to supply the monetary info that regulatory authorities require. This also helps monitor its efficiency and development. Smaller retail stores deal with several unique bookkeeping difficulties, both in the form of a complicated business and restricted sources to devote to accounting procedures. Many apps are available in the App Stores that can be used to track and manage almost all the accounting activities of a retail store. Tasks such as creating a receipt, checking account statements, and other reports can be easily done with the help of these tools.
Reporting and analytics are necessary to any retail merchant because they tell you specifically what's taking place in your business. Assessing your information correctly allows you to make educated choices around points like stock buying, promotions, as well as staffing, among other points.
Management information systems (MIS) have several applications in the retail industry. MIS is the systematic use of technology and also individuals to manage the flow of info. In retail, MIS is made used for point-of-sale data collection, logistics, supply, control, as well as internal communication, all of which impact retail procedures and also marketing.
Every business owner wants the reporting system available on their mobile so that they can have a ready reckon over the current status of their business. A mobile-based MIS system connected to the base ERP can be a great tool for these business owners to have better control over their businesses.
Although the above list is not complete, there are a lot of other aspects that can be fulfilled using the help of the current mobile revolution, some more example can be the Integration of an ERP system with WhatsApp and other chatting tools to connect with customers instantly; leveraging online e-Commerce market space; connecting to online GST system; integrating customer loyalty system, etc.
The mobile world has many opportunities in its ways and nowadays retailers can adapt these technologies to boost their businesses and take their dreams to a new height.